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Australian fashionistas rejoice: H&M is coming.
Next year, the Sweden-based “fast fashion” retailer will bring its ripped-from-the-runways apparel and ultra-low price points Down Under. Already a compelling presence in the American and European markets, H&M joins other fashion retailers, from Zara to Topshop, who’ve lately entered the Aussie market.

The company released the news via its Twitter and Facebook accounts. ”We are happy to announce that we will open our first H&M store in Australia, in 2014! Stay tuned for more details,” read the statement.

While the company has yet to sign any leases, it’s likely the first stores will be located in Sydney and Melbourne, which figure among the world’s most desirable retailing sites.

Fast fashion or race to the bottom?

H&M is perhaps best known for collaborating with well known designers, from Stella McCartney to Karl Lagerfeld, to release their designs at H&M stores at H&M-style low prices. These special collections generate huge excitement among budget-conscious fashionistas and have a reputation for selling out within just hours — an example of how fast fashion just keeps getting faster all the time.

But who stands to win as the retailing game speeds up? Surely the appeal for consumers is obvious. Why not pick up a few Karl Lagerfeld designs for what it costs to buy lunch?